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China, a country with a population of 1.4 billion, has slashed the number of people living in poverty by more than 700 million since 1978. However, it is still in an uphill battle to enrich millions of people who still live below the poverty line and to achieve the goal of eliminating absolute poverty by the end of this year.

Chinese President Xi Jinping and US President Donald Trump will address the summit and have further interactions with the business community on Friday.

China's steel industry should adhere to the dual-circulation development pattern and accelerate the establishment of a stable and efficient supply system for raw materials, industry experts said.

China's rebalancing process continues, as seen in a declining current account surplus and an increasing share of services in its gross domestic product (GDP), said Obstfeld.

China-EU economic and trade cooperation is not a simple relationship of buying or selling, but a partnership of multiple dimensions, investment being an important pillar of such cooperation. China welcomes investment by European companies and encourages its own companies to do business in Europe leading to two-way opening-up on an equal footing that delivers benefits to both sides.